FTX Concludes Sale of Discounted Solana Tokens Worth $2.6 Billion
FTX has recently finalized the sale of $2.6 billion worth of discounted Solana tokens in auctions, attracting buyers like Figure Markets and Pantera Capital. These auctions marked the end of the process to sell off SOL tokens from the bankrupt crypto exchange.
- Figure Markets and Pantera Capital among the buyers
- Final troves of SOL tokens sold after weeks of auctions
- Results of the auction revealed by undisclosed sources
- Figure purchased 800,000 coins for $80 million
Deep Discount Offers on FTX’s Solana Tokens
Figure reportedly paid approximately $102 per token, significantly lower than Solana’s current market price of around $166. The CEO, Mike Cagney, revealed plans to establish a Special Purpose Vehicle (SPV) to allow investors from both US and non-US regions to participate in the auctions.
- Figure paid $102 per token in the auction
- Pantera Capital also participated in the auction
- Amount paid by Pantera Capital not disclosed
The sale of Solana tokens has generated controversy within the bankruptcy proceedings of FTX, once led by convicted fraudster Sam Bankman-Fried, also known as SBF. Despite the scrutiny, various prominent crypto firms have shown interest in acquiring portions of the SOL tokens being sold off directly by FTX in ongoing liquidation efforts.
FTX Users Experience Significant Losses
The collapse of FTX resulted in many crypto users losing significant amounts, including life savings. However, the overall crypto market managed to recover impressively following the crash in 2022, with Bitcoin reaching new all-time highs.
- FTX users faced financial losses in the collapse
- Crypto market recovered post-2022 crash
- FTX users estimate potential gains at $4 million
Although FTX claims to have sufficient funds to repay creditors in full with interest, users who lost their assets in the collapse will receive US dollars based on the account values at the time of FTX’s collapse in November 2022. This means they miss out on the significant gains made during the recent crypto bull run.
Hot Take: Conclusion for Crypto Readers
As a crypto enthusiast, stay informed about market developments, auctions, and bankruptcy proceedings in the crypto industry. Keep a close watch on the sales and purchases of digital assets to understand the implications for users and investors. Be cautious and mindful of potential risks and opportunities in the crypto space for informed decision-making.
Sources:
1. Bloomberg – Pantera, Figure Buy Last of Discounted FTX Solana as Sales End
2. BNN Bloomberg – FTX Users Will Be Paid Back With Interest, They’re Mad Anyway
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